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Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
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Name : |
THE PEKAY GROUP (PTY) LTD |
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Formerly Known
as: |
PEKAY CHEMICALS
(PTY) LTD |
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Registered Office : |
24 Fulton Street
, Industria West, Johannesburg, Gauteng
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Country : |
South Africa |
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Date of Incorporation : |
16.03.1959 |
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Com. Reg. No.: |
1959/000823/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturers of adhesives and coatings, paints, sealants
and waterproofing compounds, brands being PEKAY, BOSTIK, JAYCO and ADMAC |
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No. of Employees : |
±200 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
South Africa ECONOMIC OVERVIEW
South Africa is a middle-income, emerging market with an abundant
supply of natural resources; well-developed financial, legal, communications,
energy, and transport sectors and a stock exchange that is the 15th largest in
the world. Even though the country possesses modern infrastructure that support
a relatively efficient distribution of goods to major urban centers throughout
the region, some components retard growth. The economy began to slow in the
second half of 2007 due to an electricity crisis. State power supplier Eskom
encountered problems with aging plants and meeting electricity demand
necessitating "load-shedding" cuts in 2007 and 2008 to residents and
businesses in the major cities. Subsequently, the global financial crisis
reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has
recovered since then. Unemployment, poverty, and inequality remain a challenge,
with official unemployment at nearly 25% of the work force. State power
supplier Eskom has built two new power stations and installed new power demand
management programs to improve power grid reliability. South Africa's economic
policy has focused on controlling inflation, however, the country has had
significant budget deficits that restrict its ability to deal with pressing
economic problems. The current government faces growing pressure from special
interest groups to use state-owned enterprises to deliver basic services to
low-income areas and to increase job growth.
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Source : CIA |
ATTENTION:
The information
contained in this report, other than statutory data and comment by outside
authorities, has been voluntarily supplied by officials of the subject):
THE PEKAY GROUP (PTY) LTD
Formerly: PEKAY CHEMICALS (PTY)
LTD the name having been changed on 23 October 1996
· JAYCO SEALANTS
· ADMAC HOTMELT AND EQUIPMENT
· PEKAY ADHESIVES AND COATINGS
· BEARDOW ADAMS (sole South African distributor)
· BOSTIK (licenced manufacturer)
24 Fulton Street
INDUSTRIA WEST
Johannesburg
Gauteng
P O Box 43116
INDUSTRIA
2042
TELEPHONE NUMBER: +27
11 309 1500
FAX NUMBER: +27 11 474 8170
100% A Z PEKAY FAMILY TRUST in which A Z POKLEWSKI-KOZIELL (Polish) is a Trustee.
The Shareholding was previously
100% A Z POKLEWSKI-KOZIELL, having changed in November 2006
The Shareholding was formerly A
Z POKLEWSKI-KOZIELL (majority), D W ROBERTSON, H REID, G VAN
STADEN, G WALKER and A T LOWE.
H REID and A T LOWE have since died.
A Z POKLEWSKI-KOZIELL bought
all of the minor shareholders out with effect from 28 February 2007.
PEKAY CHEMICALS COAST (PTY) LTD
(dormant)
ADHESIVE & CHEMICALS SALES
(PTY) (dormant)
POKLEWSKI PROPERTIES (PTY) LTD,
which is owned by the POKLEWSKI-KOZIELL family (property owning company)
PEKAY CHEMICALS (ZIMBABWE) PVT
LTD (registered in Zimbabwe)
PEKAY CHEMICALS (BOTSWANA)
(PTY) LTD (registered in Botswana)
G N BROMHEAD ID No.
5111195102082
A Z POKLEWSKI-KOZIELL
(Chairman) ID No. 5410085074082
D W ROBERTSON (MD) ID No.
4811185018088
STANDARD BANK, Industria Branch, Account Number: 002440628. It was stated that the subject enjoys overdraft facilities to an extent of R3 000 000, secured by a cession of debtors as well as shareholders guarantees. Utilisation of the overdraft is stated to be nil.
16 March 1959
Registration Certificate
Number: 1959/000823/07
The subject commenced as a new
business
4450103496
9465040849
Manufacturers of adhesives and
coatings, paints, sealants and waterproofing compounds, brands being PEKAY,
BOSTIK, JAYCO and ADMAC
The subject imports raw materials
from Taiwan, India and Germany and deals locally with:
SHELL CHEMICALS
CHEMPRO Johannesburg
PREMIER FREIGHT Johannesburg
MAKEEN POLYMERS Pretoria
CARST & WALKER Johannesburg
Building, flooring and construction
industry as well as hardware stores, mines and government departments.
South Africa
Malawi, Hong Kong, Mauritius,
Botswana, Zimbabwe, Taiwan and Ghana
±200 employees
The subject is reported to have
branches in Pretoria, Pinetown, Port Elizabeth, Cape Town, Bloemfontein,
Nelspruit, and 2 branches in Johannesburg as well as an agent in East London.
The premises in Johannesburg, Port Elizabeth, Pinetown and Cape Town are reported to be owned by the associate property owning company, bonded in favour of STANDARD BANK. The remainder of the premises are reported to be leased.
The respondent stated that the
purchase price for the Port Elizabeth premises was R1 200 000.
R4 000 divided into 4 000
ordinary shares of R1 each
R4 000
The following estimated
financial situation was submitted as at 3 October 2013 :
· STOCK R 20 000 000
· DEBTORS R 20 000 000
· FIXED ASSETS R 10 000 000
· CREDITORS fluctuates R 10 000 000
· TURNOVER per annum R200 000 000
WATERMAN CHARTERED ACCOUNTANTS,
Woodmead
JUNE
DAI – TO FINANCIAL SERVICES
INSURANCE BROKERS
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT
PATTERN
1. 5 years R 245 000 R 70 000 45
days 45 days Very good
2. 15 years R1 000 000 R350 000 60 days
60 days Excellent
3. 10 years R 500 000 R180 000 60
days 60 days Excellent
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1992 R519 000 R124
000 - 60 days 60 days Good
R519 000
2. Do not give trade references
3. 5-6 years declined R
70 000 - 45 days 45 days Good
R 80 000
4. 10 years R350 0000 R350 000 60
days 60 days Excellent
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT
PATTERN
1. Old acc Good for R101 000 45 days 30/45 days Very Good
2. 1992 R600 000 R200
000 - 60 days 60 days Good
R600 000
3. 5 years R255 000 R255 000 60
days 30/60 days Very Good
EFT
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT
PATTERN
1. 2004 R 700 000 R700
000 30 days 30 days Very Good
2. Old acc R1 000 000 R100 000 - 60 days
60 days Very Good
R300 000
3. 5 years declined declined 30
days 30 days Good
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2004 R800 000 R200
000 30 days 30 days Very Good
2. 10 years + R900 000 R100
000 60 days 60 days Very Good
3. Do not give trade references
4. Do not give trade references
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT
PATTERN
1. +10 years R 850 000 Declined
30 days 30 days Excellent
2. 11 years R2 000 000 ±R1 200 000 60 days 60 days Excellent
3. 2004 R1 000 000 R
150 000- 45 days 45 days Excellent
R 400 000
This is an established company meeting its commitments timeously. Suppliers speak very highly of the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
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|
1 |
Rs.99.06 |
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Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.